Obama and Congress face “fiscal cliff” by end of year

Even before the speeches were finished, the president and congress were back on opposite sides of the “fiscal cliff” that is looming at the end of the year.  Unless the parties can agree, $600 billion in tax increases and spending cuts will take place on January 1.

One key disagreement is keeping tax cuts for individuals and couples that make more than a certain amount.  Republicans want tax cuts for all and Obama wants to cut out tax cuts for the wealthy.

For more read, “Obama Faces Immediate Spending, Tax Issues.”